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Tuesday, 16 March 2021

WHAT IS ENTREPRENEURSHIP? ENTREPRENEUR DEFINITION AND MEANING

 WHAT IS ENTREPRENEURSHIP? ENTREPRENEUR DEFINITION AND MEANING



    Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.

    But as a basic entrepreneurship definition, that one is a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like bringing about social change or creating an innovative product that challenges the status quo of how we live our lives on a daily basis.


    What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction they want. 

    It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place – for everyone in it, including themselves.

    What is an Entrepreneur? Entrepreneur Definition


    An entrepreneur is a person who sets up a business with the aim to make a profit.

    This entrepreneur definition can be a bit vague, but for good reason. An entrepreneur can be a person who sets up their first online store on the side or a freelancer just starting out.

    The reason why they’re considered entrepreneurs, though some disagree, is because where you start out isn’t necessarily where you’ll end up. 

    An entrepreneur is someone who starts a side hustle that can eventually create a full-time, sustainable business with employees. Same with the freelancer. If your entrepreneurial mindset is focused on creating a profitable business, you fit the entrepreneur definition.  

    But the entrepreneur meaning involves much more than being a business or job creator. 

    Entrepreneurs are some of the world’s most powerful transformers. From Elon Musk sending people to Mars to Bill Gates and Steve Jobs making computers part of every household, entrepreneurs imagine the world differently.

    And the entrepreneur definition rarely ever talks about the enormous impact these thought leaders have on the world.

    Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.

    Understanding what an entrepreneur is can help more people recognize the value they can – and already do – contribute to the world.

    What Is the Meaning of Entrepreneurship?

    The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether startup entrepreneurs solve a problem that many struggle with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.

    It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute it. Entrepreneurship is about execution of ideas.

    Importance of Entrepreneurship


    Why is entrepreneurship so important?


     Let’s look at a few of the top reasons.

    Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs. As their business continues to grow, even more jobs are created. 
    Entrepreneurs innovate: Some of the greatest technologies in today’s society have come from businesses. The technological advances come out of a need to solve a problem, create efficiencies, or improve the world. In periods where there’s more advancement in technology, there’s usually an entrepreneur to thank for it.
    Entrepreneurs create change: Entrepreneurs dream big. So naturally, some of their ideas will make worldwide change. They might create a new product that solves a burning problem or take on the challenge to explore something never explored before. Many aim to make the world better with their products, ideas, or businesses.
    Entrepreneurs give to society: While some have this notion of the rich being evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more in taxes, which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted, like clean drinking water and good health care.
    Entrepreneurs add to national income: Entrepreneurship generates new wealth in an economy. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth. 

    Why Do People Become Entrepreneurs


    Every entrepreneur has their own ‘why’ that drove them into being their own boss. Whether entrepreneurs need more freedom or to make an impact, they all take control of their life by living life on their own terms. 

    Here are a few of the reasons why people become entrepreneurs:


    To change the world: Many entrepreneurs strive to make the world better. Whether entrepreneurs believe in space exploration, eliminating poverty, or creating a practical but game-changing product, they ultimately build a brand in service of others. Some entrepreneurs use their business as a way to raise capital quickly to funnel into their noble causes.
    They don’t want a boss: Entrepreneurs often struggle with having a boss. They might feel suffocated and held back. Some entrepreneurs may feel that they have a more effective way of doing things. Others may dislike the lack of creative freedom. Ultimately, they become attracted to entrepreneurship to succeed on their own terms. Check out 10 Obvious Signs You Should Be Working for Yourself.
    They want flexible hours: Entrepreneurship is popular with those who need flexible hours. For example, many people with disabilities often enjoy entrepreneurship, as it allows them to work when they’re able to. Parents can raise their children at home or pick them up from school without having to feel guilty about it. Students get the flexibility to work around their demanding schedules and courseloads.
    They want to work from anywhere: Along with flexibility in working hours, entrepreneurship is popular among those who don’t want to be tied down to a specific location. Entrepreneurs might not want to work from the same place every single day, as this can get boring fast. 
    They can’t get a job: Many find a path into entrepreneurship when they can’t get a job. Instead of being defeated by their situation, they create new opportunities for themselves. A new graduate might start an online store the summer after graduation to build up their resume. A parent who got laid off in the coronavirus economy might start a business to ensure they can continue feeding their family while keeping a roof over their heads.
    They don’t fit into the corporate environment: Entrepreneurs often say that stuffy corporate environments  restrict their growth. You can spot an entrepreneur in a corporate environment as they’re usually trying to gain more control in their role and better understand how everything fits together.
    They’re curious: Entrepreneurs love finding out the answer to the question, ‘what will happen if…’ They’re experimental and love learning. They regularly read business books to advance their knowledge. So naturally, entrepreneurship appeals to them because doing allows them to learn the most in the shortest amount of time. Their curiosity allows their continued growth.
    They’re ambitious: Those who love reaching difficult goals and milestones are made to be entrepreneurs. Since there’s no limit to what they can achieve, entrepreneurs constantly find their projects growing bigger and better than they ever imagined. When obstacles come up, they find the workaround to their goal. They’re unstoppable

    Examples of Entrepreneurs

    Walt Disney became one of the most well-known names in the world. You know him from the Walt Disney Company and theme parks like Disneyland and Walt Disney World. His brand started with the Mickey Mouse character and eventually expanded to include thousands of characters and whimsical fantasy worlds.

    But it wasn’t always smooth sailing. He faced challenges like people stealing his work and loads of commercial failures, but he kept pushing through and stayed committed to his vision.

    Mark Zuckerberg created several products before building Facebook. He created an instant messaging tool that his father used in his dentistry practice to communicate with his receptionist. 

    Zuckerberg also created music software that Microsoft and AOL were interested in buying, even though he was only a teenager. Within the year he first founded Facebook, he already had 1 million users. Today, Mark Zuckerberg has a networth of $68.3 billion.

    Sara Blakely first started her Spanx brand in 1998. She was one of the first creators of women’s leggings. Her brand specializes in shapewear and also includes items like bras, panties, and hosiery. 

    She’s also the inventor of arm tights, which allows women to wear their summer clothing year round. At one point, Blakely was the youngest self-made female billionaire.





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